Bukit Sembawang Estates announced that it has successfully acquired the prime site at Bukit Timah Link at a tender price of $200 million or $200,001,888.
The tender was submitted by Bukit One, the company’s wholly-owned subsidiary, to the Urban Redevelopment Authority (URA).
The URA officially awarded the site to Bukit One on Nov 15.
The Bukit Timah Link land parcel has a lease period of 99 years. The parcel spans a total area of 4,611.1 sqm with an allowable gross plot ratio of 3.0. The site is slated for residential development.
According to Bukit Sembawang Estates, the group has paid 5% of its tender price as a tender deposit to the URA. Another amount equivalent to 25% of the tender price (including the 5% deposit already paid) will be paid within 28 days of the award of the tender.
The balance of the tender price should be paid within 90 days of the award.
In its statement, the group says it intends to develop the land into a 20-storey development with 160 residential apartments and communal facilities. It adds that it seeks to curate a “cosmopolitan village lifestyle” that it believes will appeal to young families and investors.
The transaction, which constitutes about 17.54% of the group’s market capitalisation as at Nov 15, will be funded by internal resources and bank borrowings.
Shares in Bukit Sembawang closed flat at $4.41 on Nov 15.
